I bought a $1million mansion in Dubai using BITCOIN after making $100,000 a month

A MAN has bought a $1million mansion in Dubai using Bitcoin after making $100,000 a month from mining the cryptocurrency.

Vineet Budki got into crypto after after noticing a customer at his travel agency making crazy requests for limousines, helicopters and private jets.

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That customer ended up being Indian’s biggest crypto miner and it wasn’t long until Vineet had his own set up going.

After years of mining, Vineet turned his virtual currency into bricks and mortar in Dubai, where he’s been living for the past 18 years, buying a luxurious three-bedroom villa in a gated community.

Investing in cryptocurrency can be risky and there have been lots of warnings about investing in them.

Unlike traditional investments they are not regulated and that means if something goes wrong you have no way to make a complaint.

Also, taking money from the crypto market to buy the house can be difficult as most banks won’t take the virtual currency as payment for housing.

‘I INVESTED IN A FEW PROJECTS THAT WENT BALLISTIC’

Vineet invested in Ethereum when it was worth $40 a coin. The crypto – which is one of the most popular – is now worth a staggering $2,000 a coin, making him an instant hundreds of thousands of dollars in profit.

“I invested in a few projects that went ballistic. It was right time, right place, right market. I became a believer,” he told The Times.

Then, this year, Bitcoin reached $58,000 – a threshold Vineet set himself to cash in his profits.

On top of this, he owns a mining operation that has $1m worth of kit in a secret warehouse in Russia, which earns him $100,000 a month.

“Six years back, mining was you running a laptop PC, because there was not much of a difficulty level,” he explained.

“But today it’s become a very specialised task where you’ve got to have special machines that can mint bitcoins”

Vineet’s fortune was ploughed into buying a three-bedroom villa in the Arabian Ranches – a gated community near Dubai’s Global Village, costing $1million.

“The whole process took around 20 days,” Vineet said, who is planning to move in with his wife next week. The sale itself took a mere 24 hours.

According to the former travel agent, the firm he went through done some due dilligence but he doubts they could track the origin of the funds, which crypto critics says makes it the currency of choice for gangsters and money launderers.

But for Vineet, buying a home in Dubai was about “a diversification of assets strategy”.

“I had a feeling that there was going to be a fall. I sold some of my Bitcoins and today I can buy two Bitcoins for the same price,” he said.

From there, the savvy miner had three options to buy a property using his new-found fortune.

The first was to find a developer who accepted Bitcoin as payment as more and more firms in Dubai are opting for that solution.

The second was going to a bank.

Some, like Citibank, offer customers the chance to transfer money into a traditional account via a cryptocurrency exchange, like Binance, which was banned by UK financial authorities amid anti-money laundering concerns.

Vineet said the bank then converts Bitcoin for a fee and transfers it into a bank account and used this method to pay off a mortgage on his first home in India.

“It’s easy. I had the money in my account in less than three hours,” he said.

Vineet also had the option of engaging a broker who done “over the counter” transactions for a small fee of around 1.5 and 3.5 per cent of the transaction, which he ended up using.

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